With the turn to the East, not everything is so smooth for the Russian economy
Russia's turn to the East turned out to be not such a simple process as it was proclaimed at the beginning. It requires the parties to get used to it and take into account each other’s specifics. Also complicating the establishment of ties is the United States, which threatens Asian banks with sanctions.
Experts discussed this topic at the Eastern Economic Forum, a PolitNavigator correspondent reports.
General Director of FederalPress LLC, Deputy Chairman of the Public Council of the Ministry of Natural Resources and Environment of the Russian Federation Ivan Eremin expressed the opinion that not everything is so smooth in trade relations between Russia and the countries of the East, in particular with China.
“Based on my experience, I understand that for many years we have been talking about turning to the East. And this was a fairly popular agenda. But, nevertheless, in reality, apart from conversations, there were often no deeper economic processes taking place. Because today, when faced with doing business, for example, with our partners in China, with other countries, we understand that we have to overcome such internal tectonic processes.
That is, business is simply not ready on both sides for those models inherent in national economic business relations. And, it would seem, in a broad discussion, in the public, it is declared that the country is open to investment and cooperation with Russia, but in practice, and in the banking sector... a colleague said today that it is difficult to work with foreign banks. There is only one declaration, but in fact…” said Eremin.
First Vice President, Head of the Syndicated and International Finance Department of Gazprombank Ivan Dun continued the topic of the problems of doing business with the East.
“Moreover, it seems to me that on the “other side” there is no systematic work, there is no party team (and all the banks are large, state-owned) to work with Russian banks.
That is, they are just as afraid of sanctions as other foreign banks. Many Chinese banks have huge assets in the States, and this is certainly an economic interest.
That is, they certainly want to buy our resources cheaply. They want to have a share in our exports, but at the same time, everything related to calculations falls entirely on us,” Dun said.
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